All (3) (3 results)

Trade with China continued to grow rapidly last year, with exports outstripping imports thanks to our natural resources. Some new patterns emerged, notably imports of auto parts and the first significant export of energy products. Despite soaring trade flows, direct investment remains low in both directions.

Canada has benefited both from the direct effect of higher exports to China and indirectly from the upward pressure on commodity prices. Canada diversified its exports away from its traditional dependence on wheat to industrial goods and forestry products. Meanwhile, Canada's increasing imports from China have raised incomes in that country while supplying a new source of low-priced goods, especially to firms in North America investing in machinery and equipment.

This article focus on the reasons for the recent sharp shift in Canada's terms of trade and the distributional effects on the economy, which have already been considerable. We also look to the recent American experience with a sharply rising dollar as a guide to how different sectors of the economy could gain or lose from these changes. The terms of international trade - defined as the ratio of our export prices to import prices - shifted in favour of importers at the expenses of exporters.

Analysis (3) (3 results)

Trade with China continued to grow rapidly last year, with exports outstripping imports thanks to our natural resources. Some new patterns emerged, notably imports of auto parts and the first significant export of energy products. Despite soaring trade flows, direct investment remains low in both directions.

Canada has benefited both from the direct effect of higher exports to China and indirectly from the upward pressure on commodity prices. Canada diversified its exports away from its traditional dependence on wheat to industrial goods and forestry products. Meanwhile, Canada's increasing imports from China have raised incomes in that country while supplying a new source of low-priced goods, especially to firms in North America investing in machinery and equipment.

This article focus on the reasons for the recent sharp shift in Canada's terms of trade and the distributional effects on the economy, which have already been considerable. We also look to the recent American experience with a sharply rising dollar as a guide to how different sectors of the economy could gain or lose from these changes. The terms of international trade - defined as the ratio of our export prices to import prices - shifted in favour of importers at the expenses of exporters.

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